Blockchains Must 'Guarantee Immutability' to Remain Competitive, Ethereum Classic Developer Says
11-10-2018, 17:00 53
Copyright on text and image: CryptoGlobe.com
However, features developed on the Ethereum network that could potentially compromise security and make it prone to centralization are not supported by ETC, Artamonov noted. He added that smart contracts and decentralized applications (DApps) built on the Ethereum blockchain will also function on the Ethereum Classic network.
The computer science and management graduate clarified that developer tools created for Ethereum will work with Ethereum Classic as well. The developer tools would also be compatible with most Ethereum forks and private Ethereum-based networks, Artamonov explained.
He continued: “So, technically we have multiple public networks [that are] compatible with each other in 99% [of] cases. Notice that it’s compatibility for 3rd party developers, which means that there could be differences in mining [protocols] (if ETH will move to ProgPoW or PoS).”
As most ETC developers claim, Artamonov wrote that Ethereum Classic’s philosophy is similar to that of Bitcoin (BTC) and “the ETC community cares more about security and decentralization.” He further noted that the ETC community “decided … literally community [and not just] developers [came to an agreement, which] took a year of debating to implement a predictable and objective monetary policy (ECIP-1017).”
Notably, Artamonov mentioned that even though technologies for Ethereum and Ethereum Classic are currently compatible, their respective ongoing development and roadmaps can be expected to “take different paths.”
The experienced Java developer explained that “ETC doesn’t plan to move” to any proof-of-stake (PoS) based protocol “at this moment, because PoS is much less secure and brings centralization around big capital (and early investors, which got 70% of ETH supply).”
1,000,000x More Expensive To Maintain Centralized/Managed Blockchains
Artamonov added that the ETC community “believes in the principles of immutability and decentralization” as they are the best, or ideal, use case for a blockchain. He also thinks:
Any blockchain without the guarantee of immutability would be competing with Amazon AWS (web services/cloud computing platform), which is already much more user friendly and a thousand times cheaper.
According to Artamonov, developing a permissioned (private) and centralized blockchain is “a waste of resources” as it does not provide an effective or efficient solution to any problem, or provide better data management (compared to a database).
As CryptoGlobe reported, startups funding platform Republic CEO, Kendrick Nguyen, has also said that “many enterprise companies intend to use permissioned blockchains for uses that are better suited for a database.”
Moreover, centralized/managed blockchains may be “1,000,000x more expensive on every aspect of operating” - Artamonov pointed out.